Khan, who owns American football team the Jacksonville Jaguars of the NFL (National Football League) and English Premier League club Fulham, said his offer had not received the full backing he had hoped for.
Glenn, who has lobbied hard for the deal, added that the "iconic venue.will continue to thrive under the ownership and direction of the FA" and noted that the debate sparked by Khan's offer has "raised awareness" of the need to upgrade England's community facilities.
The intent of my efforts was, and is, to do right by everyone in a manner that strengthens the English game and brings people together, not divides them.
Under Khan's proposal, the Football Association would have kept the income stream of 300 million pounds a year from its hospitality program Club Wembley, according to Lamping.
However Khan left the door open for the future.
"At a recent meeting with Mr Khan he expressed to us that, without stronger support from within the game, his offer is being seen as more divisive than it was anticipated to be and has made a decision to withdraw his proposal", FA chief executive Martin Glenn said in a statement.
'Mr Khan believed that his offer to buy Wembley would release funds to help improve community football facilities in England and that it would be well received by all football stakeholders.
The FA meant to use the funds raised from the sale of the stadium, which was redeveloped and reopened in 2007, to support the sport at the grassroots level, developing facilities around the country.
'Unfortunately, given where we are today, I've concluded that the outcome of a vote next week would be far from sufficient in expressing the broad support favoured by the FA Chairman to sell Wembley Stadium.
I can not rule out revisiting the opportunity at another time when perhaps the Football Association family is unified in its views on the opportunity.
Even with English soccer on a high after the men's national team reached its first World Cup semifinal in 28 years in July, the FA leadership failed to build support for selling a stadium with one of the world's most recognisable sporting brands.
"Wembley Stadium is indeed a national treasure, one I would care for and respect for generations", Khan said.
North Korea holds talks with UN Command and South Korea
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